India, July 15 -- Adding to a string of funding related disclosures today, Ather Energy has now opened a qualified institutional placement (QIP) to raise more capital. The company has set the floor price at Rs.1,169.70 per equity share, a significant discount from today's closing price of Rs.1,298.

The company may offer institutional investors a discount of up to 5% on the floor price, with the final issue price to be determined in consultation with the book-running lead managers.

The issue follows the board's approval in June and a special resolution passed by shareholders through a postal ballot on July 14.

The purpose of the QIP is to repay or pre-pay borrowings availed by the company, invest in R&D and fuel marketing initiatives. ...